Existing home sales dropped 1.8% in June | RioCan says Hudson's Bay unlikely to take real estate public | Professor: GICS means investors can't ignore REITs
July 24, 2017
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Existing home sales dropped 1.8% in June
Existing home sales slipped 1.8% to 5.52 million units in June as a shortage of inventory of homes for sale helped push prices to a record high, according to the National Association of Realtors.
CNBC/Reuters (7/24),  The Wall Street Journal (tiered subscription model) (7/24) 
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Investment News
RioCan says Hudson's Bay unlikely to take real estate public
Hudson's Bay will probably not take its real estate holdings public, according to its partner in one venture, RioCan REIT. Activist investor Jonathan Litt, who has a 4.3% stake in the company, is pressuring Hudson's Bay to monetize its real estate.
Reuters (7/20) 
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Professor: GICS means investors can't ignore REITs
The creation of a Real Estate Sector in the Global Industry Classification Standard will have a positive impact in the long term because large, generalist investors won't be able to ignore REITs, says Tim Pire, a professor at Marquette University and the University of Wisconsin-Madison. REITs are larger and more sophisticated now than in their early days and have become "true corporations that own and operate real estate," he says.
NAREIT (7/20) 
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Blackstone's real estate business leads sales for Q2
Blackstone Group's economic net income was $705.4 million for the second quarter, compared with $519.8 million a year earlier. Its real estate business led sales for the quarter, selling $4.6 billion of holdings, including shares of Hilton Worldwide Holdings and several Equity Office Properties assets.
Bloomberg (7/20) 
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Fixed-income trade slump hurts major banks
Low volatility caused fixed-income trading to fall for most major banks in the second quarter, with analysts naming Deutsche Bank and Barclays as the most vulnerable European entities.
Financial Times (tiered subscription model) (7/23) 
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Real Estate Marketplace
Inland Real Estate buys 49 CVS properties for $211M
Inland Real Estate Acquisitions has acquired 49 newly developed CVS Pharmacy properties for $211 million. The properties are in 16 states and the portfolio totals 651,216 square feet.
Commercial Property Executive (7/20) 
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Gramercy Property Trust buys land, large flea market in Fla.
Gramercy Property Trust has acquired the Opa Locka Hialeah Flea Market and 72 acres of land in South Florida for $80 million. Gramercy Property has signed a lease with a new operator for the flea market, one of the largest in South Florida, which plans to invest "over seven figures" in the operation.
The Real Deal online (Miami) (7/21) 
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Acadia Realty files offering plan for 640 Broadway
Acadia Realty Trust has filed an offering plan for the condominium conversion of 640 Broadway, a historic property that was once known as the Empire State Building. The offering plan has not been accepted; Acadia hopes it would be able to sell the 21 condos for $135.5 million, or $6.5 million per condo.
The Real Deal online (New York City) (7/19) 
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Policy & the Economy
Chinese debt will weigh on Fed policy, analysts say
China's dollar-denominated bond holdings, which have increased nearly 20 times since the financial crisis to more than half a trillion dollars, could give the Federal Reserve pause before raising interest rates further. While the Fed has yet to flag Chinese debt as a concern, analysts expect it to affect interest-rate decisions before long.
Reuters (7/23) 
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IMF lowers 2017 growth forecasts for US and UK
The International Monetary Fund lowered its 2017 growth forecast for the US to 2.1% from 2.3% in a quarterly update to its World Economic Outlook, attributing the cut to the Trump administration not introducing policy reforms it had promised. The IMF also trimmed its UK forecast and identified Japan, China, Canada and the eurozone as emerging leaders of global economic growth.
Bloomberg (7/23),  Financial Times (tiered subscription model) (7/23) 
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